Consumer Law, Warranties Letter of Intent/Option to Purchase

[boxterdrvd]

I am about to sign an option to purchase commercial real estate. We have the agreement drawn up (by an attorney) and everything is in place including my commitment of $6500 in earnest money. There will be a delay of a few days until signing the option to purchase agreement and the escrow agreement (for the earnest money) due to a brief delay in getting cash for the escrow. Can the seller accept other offers between now and the signing day or do we have a verbal agreement??

 

[Michael Wechsler]

My understanding is there is no deal until the deal is signed, especially for real estate. In some areas of contract law, partial performance or detrimental reliance is good enough to make a case, but likely not here for real estate. For the best answer, speak directly to your attorney.